Oilfield Services

Top Lower 48 completions expert FTS International Inc. has launched a prepackaged restructuring plan with the support of most of its lenders in a debt-for-equity swap to delever the balance sheet.  Following a restructuring support agreement filed in August, FTS issued an amended plan that received support of nearly 88% of the debtholders. With the…

Beleaguered Weatherford International plc, beset for years by internal issues and mounting debt, next month is bringing aboard its third CEO in as many years to attempt to instill a “fresh perspective.” Incoming CEO Girish K. Saligram, who also has been named president, would take over in mid-October. He previously was COO at Exterran Corp.…

Schlumberger Ltd. is collaborating with two technology wizards to push digital transformation across the natural gas and oil industry. The joint initiative with IBM and Red Hat would provide global access to Schlumberger’s exploration and production (E&P) cloud-based environment and cognitive applications. The world’s No. 1 oilfield services (OFS) provider offers technology for reservoir characterization,…

The U.S. oilfield services (OFS) industry through August had lost more than 100,000 jobs since the coronavirus pandemic began eating away at oil and gas demand, according to the Petroleum Equipment & Services Association (PESA).  And the future remains a bit wobbly, according to PESA, which represents OFS operators involved in oilfield equipment manufacturing, drilling,…

Houston-based Covenant Testing Technologies LLC said Tuesday it is combining with Stuart Pressure Control to provide well flow and pressure control for operators across the Lower 48. The tie-up is designed to expand services for exploration and production companies in the Permian and Denver-Julesburg basins, as well as the Eagle Ford and Haynesville shales. “In…

Turmoil wrought by the global pandemic has upended activity across the energy sector and led to massive layoffs, with staffing forecast to plummet by year’s end to its lowest level in more than a decade. An analysis of the top 50 oilfield services (OFS) operators by Rystad Energy found staffing would decline and anticipated revenue…

Bankruptcies in the North American oil patch “have substantially picked up pace” so far in 2020, due largely to the impact of Covid-19 on prices and demand, according to a new report published Tuesday by Haynes and Boone LLP. The Dallas-based international corporate law firm has been tracking bankruptcy filings in the exploration and production…

Covid-19’s impact on demand has tossed aside forecasts for the oil and gas industry, but there’s still a solid future for the fossil-fueled world, the chief of National Oilwell Varco Inc. (NOV) said Tuesday. During a conference call to discuss second quarter performance, CEO Clay Williams said the downturn from the coronavirus is unlike anything…

Global drilling behemoth Precision Drilling Corp. cut costs by double-digits and improved efficiencies across its operations during the second quarter, but there’s paltry visibility as uncertainties surrounding the impacts of Covid-19 remain a concern, management said. Even though revenue plunged by nearly half from a year ago to $47 million, the multi-talented operator is poised…